Hycroft Mining (NASDAQ:HYMC) Shares Gap Down - Here's What Happened

Key Points

• Hycroft Mining shares fell at the open, dropping from a prior close of $23.43 to $22.13 before last trading at $22.4230 on volume of 372,802 shares.
• Analyst opinions remain mixed, resulting in a consensus “Hold” rating and an average price target of $25.00; B. Riley issued the most bullish view with a $25 target and “Buy” rating.
• The company reported a quarterly loss of $0.23 per share, missing estimates by $0.08, while insiders sold nearly 100,000 shares worth approximately $2.88 million over the past 90 days.

Hycroft Mining Holding Corporation (NASDAQ:HYMC - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $23.43, but opened at $22.13. Hycroft Mining shares last traded at $22.4230, with a volume of 372,802 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of Hycroft Mining from a "strong sell" rating to a "sell" rating in a report on Saturday, May 30th. Zacks Research raised shares of Hycroft Mining to a "hold" rating in a report on Monday, July 13th. B. Riley Financial assumed coverage on shares of Hycroft Mining in a research report on Monday, August 3rd. They issued a "buy" rating and a $25.00 target price for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Hycroft Mining in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Hycroft Mining has a consensus rating of "Hold" and an average target price of $25.00.

Hycroft Mining Price Performance

The stock has a market capitalization of $2.09 billion, a PE ratio of -22.66 and a beta of 2.78. The firm's 50 day simple moving average is $23.09 and its 200 day simple moving average is $31.75.

Hycroft Mining (NASDAQ:HYMC - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.08). Analysts expect that Hycroft Mining Holding Corporation will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Hycroft Mining

In other news, CEO Diane R. Garrett sold 21,550 shares of Hycroft Mining stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $31.50, for a total value of $678,825.00. Following the transaction, the chief executive officer owned 928,352 shares in the company, valued at approximately $29,243,088. The trade was a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Rebecca Jennings sold 1,194 shares of the business's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $28.64, for a total value of $34,196.16. Following the completion of the sale, the senior vice president owned 202,498 shares of the company's stock, valued at $5,799,542.72. The trade was a 0.59% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 99,873 shares of company stock valued at $2,884,778. Corporate insiders own 0.77% of the company's stock.

Institutional Trading of Hycroft Mining

Large investors have recently modified their holdings of the business. Contravisory Investment Management Inc. purchased a new stake in Hycroft Mining in the 1st quarter worth approximately $34,000. Hollencrest Capital Management bought a new position in shares of Hycroft Mining during the first quarter valued at approximately $35,000. Legacy Wealth Managment LLC ID purchased a new stake in shares of Hycroft Mining in the 1st quarter worth about $44,000. Harbor Investment Advisory LLC bought a new position in Hycroft Mining in the first quarter worth about $49,000. Finally, KBC Group NV purchased a new stake in Hycroft Mining in the first quarter worth about $51,000. 7.38% of the stock is owned by institutional investors.

Hycroft Mining Company Profile

Hycroft Mining PLC is a precious metals company focused on the exploration, development and operation of the Hycroft Mine, a large oxide gold and silver deposit in northwestern Nevada. The company’s primary activities include open-pit mining, heap leach extraction and carbon adsorption/desorption processing designed to recover gold and silver from crushed ore. Hycroft’s technical team employs conventional mining methods and metallurgical processes to advance resource conversion and optimize recovery rates.

Located on approximately 28,800 hectares in Humboldt County, Nevada, the Hycroft Mine ranks among the largest undeveloped oxide gold-silver deposits in North America.

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